One Year Ago

Conduit commercial mortgage-backed securities were on a hot streak, as Morgan Stanley looked to sell triple-A rated bonds from a new deal at 105 basis points over swaps, a post-crisis record at the time.

Conduit commercial mortgage-backed securities were on a hot streak, as Morgan Stanley looked to sell triple-A rated bonds from a new deal at 105 basis points over swaps, a post-crisis record at the time. [New-issue spreads on similar tranches from recent deals are now around swaps plus 85 bps, although that represents a widening of more than 10 basis points from tights achieved earlier in the year.]